How often do you rely on a third-party vendor to conduct a business function? Every day or, perhaps, every hour?  

Third-party vendors are an integral part of a business. Organizations rely on them for many services, from processing payments to providing hardware and automating operations. If your organization is growing, your number of vendors is growing, too.  

But have you thought this indeed increases your data exposure? 

Third-party vendors increase cyber risks 

Your risk amplifies as more and more third parties access your systems and data. These vendors use your sensitive data to perform critical business functions. However, if any of these vendors is breached, attackers can gain direct access to your business data and misuse information about your customers and employees.  

So, how do you ensure your vendors have strong security programs before giving them access to sensitive data?  

Third-party risk assessment is crucial to identifying the strengths and weaknesses of your vendors’ security programs. Traditionally, organizations have used multiple tools and tactics to evaluate third-party risks. But these tactics are far from being effective.  

Cybersecurity questionnaires have been one of the popular tactics. Questionnaires are tedious and unreliable. They consume a lot of staff hours, refraining your teams from focusing on more critical tasks. If your teams send out questionnaires, they spend hundreds of hours coordinating with vendors, evaluating answers, and following up on incomplete responses. Furthermore, there is no accurate way of verifying the information provided by the vendors in the questionnaires.  

Organizations need a better third-party risk management (TPRM) program, and that’s why they choose HITRUST.  

HITRUST helps organizations demonstrate trust  

HITRUST offers reliable assurances that are based on its framework, HITRUST CSF. The HITRUST CSF harmonizes best practices from more than 50 authoritative sources. It is widely accepted and transparent as it allows you to verify the sources of the controls. The cyber threat-adaptive HITRUST CSF is updated regularly to help you protect against upcoming threats.  

Not all your vendors need to undergo the comprehensive HITRUST r2 assessment. Based on their needs, size, and risk profiles, HITRUST offers different assessment options. The HITRUST e1 is suited for small vendors or those with limited inherent risks. It also serves as the ideal option for vendors looking to demonstrate a milestone on their journey to a more robust certification. HITRUST i1 is best for mid-level vendors looking for an assessment between the basic e1 and the extensive r2.   

HITRUST makes vendor risk management efficient 

HITRUST offers additional solutions to make vendor risk management efficient. The HITRUST Assessment XChange coordinates with vendors to track assessments and Corrective Action Plans (CAPs) so you don’t have to worry about exchanging hundreds of emails and phone calls. It helps your vendors understand expectations and maintain the right level of certifications.  

The HITRUST Results Distribution System (RDS) makes exchanging results easier and more secure. It helps you manage multiple third-party vendors simultaneously and analyze their results accurately.  

Learn more about how you can make vendor risk management more effective and efficient with HITRUST.